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Article: INDIAN GOVT WAIVES US$85.9 MLN DEBT OWED BY CUBAN IMPORTERS.
- Article from:
- AsiaPulse News
- Article date:
- May 2, 2008
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NEW DELHI, May 2 Asia Pulse - India's government on Thursday approved the waiving of Rs 347 crore (US$85.9 million) payable by Cuban companies to firms in India for imported goods.
"The Cabinet Committee on Economic Affairs gave its approval for waiver of dues of Indian companies on Cuba amounting to Rs 347 crore," Finance Minister P Chidambaram told reporters here.
The move will facilitate resumption of credit facilities, insurance cover by EXIM Bank and Export Credit Guarantee Corporation of India to Cuba and enhance bilateral trade and investment, he said.
Indian companies CIMMCO Birla Ltd, PEC and Hiralal Printing Works had exported goods to ...